Trump to nominate Treasury official as new head of Small Business Administration

President TrumpDonald John TrumpDemocratic senator rips Trump's 'let them fight' remarks: 'Enough is enough' Warren warns Facebook may help reelect Trump 'and profit off of it' Trump touts Turkey cease-fire: 'Sometimes you have to let them fight' MORE on Thursday announced he will nominate Treasury official Jovita Carranza to lead the Small Business Administration, replacing outgoing leader Linda McMahonLinda Marie McMahonIvanka Trump urges support for groups that 'uplift' Baltimore amid father's criticism of city Trump campaign describes Corey Stewart super PAC as 'unconscionable' Pro-Trump group plans to spend 0M in six battleground states MORE.

"Jovita was a great Treasurer of the United States – and I look forward to her joining my Cabinet!" Trump tweeted.

Carranza is currently treasurer of the United States, where she advises Treasury Secretary Steven MnuchinSteven Terner MnuchinThe Hill's Morning Report - Tempers boil over at the White House Schumer seeks focus on health care amid impeachment fever The Hill's Morning Report - Trump grapples with Turkey controversy MORE, works with the Federal Reserve and oversees the department's Office of Consumer Policy.

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Carranza previously served as the deputy administrator to the Small Business Administration during George W. Bush's presidency. She is the founder of JCR Group, a consulting firm for supply chain management operations.

Her nomination requires Senate confirmation.

Trump and McMahon announced last week that the former pro-wrestling executive would depart the administration, effective April 12, to take a job with a political group supporting the president's reelection efforts.

McMahon, 70, joined the Trump administration from the outset in early 2017 and for two years oversaw efforts to spur small business growth.

She will now serve on the board at America First, a pro-Trump super PAC backing the president's 2020 reelection bid.

Trump and McMahon knew each other previously from her time as CEO of WWE. McMahon helped found the company with her husband, Vince McMahon, and Trump has appeared at WWE events and was inducted into its Hall of Fame in 2013.

"The fact is that I've known her for a long time," Trump said of McMahon as he announced her departure at his Mar-a-Lago resort in Florida. "I knew she was good, but I didn’t know she was that good. She’s been one of our all-time favorites."

Updated at 8:40 p.m.